Early-stage VC Artha scores partial exit from Everest Fleet for $2 million
Artha Venture Fund, which has backed startups such as Agnikul and LenDen Club, has partially exited Mumbai-based fleet operator Everest Fleet for $2 million (around Rs 16.5 crore).
Since 2019, the firm has invested a total of Rs 10 crore in Everest Fleet, which recently closed a $20 million funding round led by ride-hailing platform Uber. The partial exit from Everest marks the first exit for Artha Venture Fund-I, which has a corpus of Rs 225 crore.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitTalking to ET, Artha Venture Fund managing partner Anirudh Damani said the firm was targeting two more exits, partial and complete, in the next 12 months.
“We continue to hold some stake in Everest Fleet because it’s a profitable company and we see it eventually becoming a candidate for an initial public offering (IPO),” he said. Damani has previously led his family office’s alternative investments and has backed startups such as Oyo, Rapido and Purplle, among others.
“The venture confronted seemingly insurmountable challenges during the pandemic, facing a substantial setback. Yet, the resilience and innovative mindset of the founding team shone through. Their pivot to an asset-financing model unlocked considerable capital and enabled them to transition to an asset-light model in a traditionally capital-intensive sector,” Damani said about Everest Fleet.
According to Tracxn, Everest Fleet founder and chief executive
